CPA Practice

JULY 22, 2024

New research by international telecommunications provider TollFreeForwarding.com reveals that accounting and tax is the second-happiest industry to work in. The Los Angeles-based company analyzed Glassdoor review data for 200 companies across 10 industries and ranked them based on the following six criteria: Culture and values Diversity and inclusion Work-life balance Compensation Career opportunities Senior management satisfaction Each industry was scored on a scale of 1 to 100 for each categor

Construction 125

Construction Account accountant accounted 125

Going Concern

JULY 23, 2024

Be aware, audit firms. The PCAOB is sniffing around about your use of generative AI according to a Spotlight they just released [ PDF ]. Exactly what they said was: The PCAOB’s standard-setting agenda includes a research project to assess whether there is a need for guidance, changes to PCAOB standards, or other regulatory actions in light of the increased use of technology-based tools in the preparation and subsequent audit of financial statements.

audit 99

audit financial statements accounting standards Legal 99

Accounting Insight

JULY 22, 2024

The annual accounting trends survey, conducted by Caseware over the last three years, has become a valuable source of data, helping us to gain insight into what’s on the road ahead for the profession. By tracking the same questions over the years, we are able to gain a valuable comparative study and a clearer understanding of the current trends and developments playing out.

Account 104

Account accountant accounted audit 104

Accounting Today

JULY 24, 2024

The CPA industry is undergoing profound change, reshaping the landscape of professional services.

cpa firm 136

cpa firm CPA 136

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Historical bookkeeping clean-up is like an archaeological dig for financial documents. It is a vigorous, systematic process that ensures thorough scrutiny of every document. From verifying inconsistencies to reconciling payments, each layer of exhaustive evaluation brings greater clarity into your company's financial past. In this article, we will walk through all that historical bookkeeping clean-up entails.

bookkeeping

CPA Practice

JULY 22, 2024

Traditional accounting roles are evolving, now more than ever, as client needs change. Ask ten of your friends, and most will assume that an accountant is a number cruncher and focuses on compliance issues. And, to some degree, these people are correct. Certified public accountants know a lot about numbers, they analyze them, forecast them, and “crunch them,” but over 50% of firms now offer client advisory services and have become strategic partners with clients.

Account 130

Account accountant accounted Technology 130

Xero

JULY 23, 2024

This guest blog was written by the team at GoCardless. Running a small business can mean moving between being a general manager to a customer services contact, marketing lead and, in some cases, debt collector. Without the proper processes in place, managing payments can take up too much time and even result in bigger problems. In fact, the Office of National Statistics shared that poor cash flow is responsible for up to 90% of new businesses failing.

accounting software 63

accounting software Account accountant accounted 63

Summit CPA

JULY 23, 2024

Operations professionals face countless decisions, especially around personnel: When is it time to hire? What position should we prioritize? How many contracts do we have to sign to justify the hire?

CPA 52

CPA accountant accounted Account 52

CPA Practice

JULY 24, 2024

During a keynote speech on leadership at the Tri-Merit Bridging the Gap 2024 conference on July 24, Koltin Consulting Group CEO Allan Koltin asked those in attendance if they watch the show Ted Lasso. A majority of the people in the room at the Loews Chicago O’Hare Hotel in Rosemont, IL, raised their hands. “I’ve got to tell you, it’s one of the greatest television shows on leadership that I’ve ever seen,” Koltin said.

accounting firms 52

accounting firms Account accountant accounted 52

FraudFiles

JULY 25, 2024

One of the hot things in the area of divorce, especially for high net worth clients, is using a law firm that has forensic accountants on staff. Sometimes the divorce attorneys themselves have credentials in the area of forensic accounting, such as a CPA license, CFE (Certified Fraud Examiner) credential, or CFF (Certified in Financial [.

forensic accounting 52

forensic accounting Account accountant accounted 52

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By ditching paper and manual checklists, UNIFY embraced ART’s cloud-based solution for seamless automation. The robust dashboards, exception reports, and completion date reports allowed the team to easily track progress and resolve bottlenecks. ART’s flexible access for auditors ensured tight deadlines were met effortlessly. With competitive pricing and a rapid setup, ART cut costs and minimized disruptions, enabling UNIFY’s team to concentrate on high-impact tasks.

auditor

RogerRossmeisl

JULY 22, 2024

(As appearing in IR 2024-186) IRS reminds car dealers and sellers to be aware of phishing scams The Internal Revenue Service would like to remind car dealers and sellers to be aware of evolving phishing and smishing scams that could impact day-to-day operations of the business. In light of the recent ransomware attack against CDK, the IRS is warning individuals and businesses to remain vigilant against these attacks.

CPA 241

CPA cpa firm business tax Tax 241

TaxConnex

JULY 23, 2024

The nature of sales tax audits has changed over the last several years, post-Wayfair. Prior to Wayfair, a significant component of sales tax audits was focused on use tax. Specifically, tax due on purchases that were not charged since the vendor did not have nexus in the state of the sale. Today, more and more companies have an obligation to charge sales tax, and use tax is less of an issue.

audit 217

audit auditor Tax Sales 217

BurklandAssociates

JULY 23, 2024

It’s not just hackers taking notice. Customers, partners, investors, regulators, and insurers are all keeping a close eye on your cybersecurity controls. The post Why Cybersecurity is an Essential Investment in Your Startup’s Future appeared first on Burkland.

157

157

CPA Practice

JULY 26, 2024

The IRS on July 26 provided five additional red flags of incorrect Employee Retention Credit (ERC) claims by businesses, as the agency continues to scrutinize requests for the pandemic-era tax credit. The new warning signs come from common issues that IRS compliance teams have seen while analyzing and processing ERC claims. These five red flags are in addition to seven problem areas the IRS highlighted last March.

payroll 131

payroll Government Tax 131

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Uncover the latest trends in expense management for small and medium-sized businesses. Our 5th Annual Trends Survey reveals that corporate card use is skyrocketing, but expense software isn't keeping up. This mismatch is creating real challenges for finance teams, who now take an average of 14 days to close their books. Travel policies are shifting to accommodate hybrid work, but many companies are struggling with off-tool bookings.

Expense Management

RogerRossmeisl

JULY 22, 2024

Are you buying a business that will have one or more co-owners? Or do you already own one fitting that description? If so, consider installing a buy-sell agreement. A well-drafted agreement can do these valuable things: Transform your business ownership interest into a more liquid asset, Prevent unwanted ownership changes, and Avoid hassles with the IRS.

CPA 214

CPA business tax Tax 214

Withum

JULY 24, 2024

Becoming a partner in a law firm is a significant milestone, but it also comes with important financial considerations. Let’s explore some key points related to new law firm partners and their tax situation: Tax Implications for New Law Firm Partners Switch from W-2 to K-1 Taxation: Upon elevation to partner, there could be a switch from being a W-2 employee to receiving a K-1 to report income to you.

tax planning 125

tax planning Tax tax return CPA 125

Accounting Today

JULY 26, 2024

The Internal Revenue Service isn't in full compliance with the federal government's guidance for removal of TikTok from devices, according to a new report, but mainly because it hasn't been inserting the requirement in all its contract actions.

Maine 115

Maine Government Tax 115

CPA Practice

JULY 26, 2024

By Anthony G. Attrino, nj.com (TNS) A woman who worked as an accountant for a New Jersey company was sentenced Monday to more than three years in prison and ordered to pay $3.8 million in fines for charging millions in personal expenses on her employer’s credit card. Jennifer Vandever, 51, of Atco, was also sentenced in federal court in Camden County to three years of supervised release, according to a spokesman for the Internal Revenue Service’s criminal investigations unit.

New Jersey 120

New Jersey income tax Account accountant 120

Speaker: Duke Heninger

With the rise of fractional finance roles, many CFOs, FP&A professionals, controllers, and accountants are stepping into independent consulting. The expansion of fractional services presents new opportunities for finance professionals, but many face challenges in navigating this transition, finding it daunting. Whether you’re new to fractional work or refining your approach, this webinar will equip you with a repeatable system for success.

accounting and finance

RogerRossmeisl

JULY 21, 2024

If you’re a philanthropic individual who is also obligated to take required minimum distributions (RMDs) from a traditional IRA, you may want to consider a tax-saving strategy. It involves making a qualified charitable distribution (QCD). How it works To reap the possible tax advantages of a QCD, you make a cash donation to an IRS-approved charity out of your IRA.

CPA 185

CPA Tax 185

Withum

JULY 24, 2024

Rev up for the Summer 2024 issue of Dealer Vision! This newsletter is fueled with insights to drive your dealership in the right direction. Learn more about the latest on warranty reimbursement laws, work-in-process reconciliation, and tips for managing your dealership’s assets, especially cash. Inside This Issue Warranty Reimbursement Laws – It’s Time for an Update The Mystery of Work-In-Process Cash Is Still King Download PDF View Interactive Newsletter CDK Insights Recap Do

Sales 119

Sales Account accountant accounted 119

Accounting Today

JULY 25, 2024

The PCAOB issued its annual report on its audits of brokers and dealers and noted that it's seeing at least one deficiency in 70% of the 103 audit engagements it reviewed in 2023.

audit 116

audit 116

CPA Practice

JULY 22, 2024

By Bruce Crumley, Inc. (TNS) The Supreme Court has issued a number of controversial decisions in its most recent term. But one that was barely noticed when it was delivered in June ends the strategy of closely held companies using life insurance-based methods to reallocate ownership stakes—tax-free—when a major shareholder dies. The generally overlooked high court decision in Connelly v.

Tax 120

Tax Legal audit Florida 120

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Accounting firms must embrace digital transformation to stay competitive. From improving efficiency and client experience to ensuring data security, digital tools offer the edge needed in a digital-first world. Discover how Fincent can streamline your transition. The accounting industry faces a digital revolution. As technology reshapes business, firms must adapt or risk obsolescence.

Tax

RogerRossmeisl

JULY 21, 2024

If you’re selling property used in your trade or business, you should understand the tax implications. There are many complex rules that can potentially apply. To simplify this discussion, let’s assume that the property you want to sell is land or depreciable property used in your business, and has been held by you for more than a year. Note: There are different rules for property held primarily for sale to customers in the ordinary course of business, intellectual property, low-income housing,

Tax 185

Tax CPA Sales business tax 185

Cherry Bekaert

JULY 26, 2024

Annual planning is a crucial process that sets the tone for the upcoming calendar year and enables organizations to define goals, align resources, and capture growth opportunities. While some may view it as an exercise in predicting the future, the real purpose of annual planning is to identify opportunities for growth (the “homework”), synchronize the organization to capture them (the “framework”), and ultimately, empower operational leaders to make decisions when the future doesn’t turn out as

Manufacturing 110

Manufacturing Non-Profits Government Sales 110

Accounting Today

JULY 23, 2024

Individuals and businesses in the affected counties now have until next Feb. 3 to file various federal individual and business tax returns and make tax payments.

Texas 122

Texas Tax tax return business tax 122

CPA Practice

JULY 25, 2024

The years following the pandemic have seen increases in local and other small jurisdictional sales taxes, as well as new taxes and fees, as municipal governments across the country respond to economic pressures, and tightening state budgets have raised the need for revenue at the local level. The 2024 Mid-Year Sales Tax Rates and Rules report, commissioned by Vertex Inc., outlines the evolving landscape of local tax implementation, proliferation of fees, and increasing complexity of tax complian

Government 118

Government Sales Tax Education 118

Speaker: Igli Laci, Strategic Finance Leader

In today’s competitive market, pricing is more than just a number — it’s the cornerstone of profitability. The right pricing strategy ensures that you capture the true value of your offering, paving the way for sustainable growth and long-term success. Join Igli Laci, Strategic Finance Leader, in this exclusive session where he will explore how a well-crafted pricing approach balances customer perception with business objectives, creating a powerful tool for securing both competitive advantage a

Finance

RogerRossmeisl

JULY 21, 2024

Summer is a great time for business owners to review their estate plans. Maybe your kids are home for summer break, so they’re top of mind. Or perhaps you’re vacationing with relatives or getting together for a backyard BBQ. Whatever the reason you’re spending time with your family, consider having an open discussion with them about your estate planning goals — and how your business fits in your overall plan.

CPA 184

CPA Tax 184

Withum

JULY 24, 2024

Explore Other Episodes #CivicWarriors #WithumImpact The post Fundraising Home Runs With Dana-Farber Cancer Institute and the Jimmy Fund appeared first on Withum.

115

115

Accounting Today

JULY 22, 2024

Daniel Dustin has named Kent Absec, Brenner Allen, William Emmer and Sedrik Newbern to key leadership roles at the National Association of State Boards of Accountancy, effective Aug. 1.

Account 110

Account accountant accounted cpas 110